New Delhi [India], November 15 : India’s merchandise imports excluding petroleum, gold, pearls and precious or semi-precious stones rose 20.7 per cent year-on-year to USD 354.94 billion in April–October, outpacing the 16.4 per cent increase in overall goods imports, according to a Dolat Capital research note.
“Import growth has broadened beyond petroleum and precious metals, pointing to sustained demand for industrial inputs and manufactured goods,” the brokerage said.
Electronics accounted for nearly half of the increase in the import bill after those categories were excluded, a calculation based on the ministry’s commodity tables showed. Electronic goods imports rose 45.7 per cent to USD 95.64 billion in the first seven months of FY27. Imports of electrical and non-electrical machinery rose 16.5 per cent to USD 40.52 billion, while transport equipment imports increased 11.8 per cent to USD 22.59 billion.
China remained India’s largest source of goods imports, with shipments rising 30.6 per cent to USD 96.6 billion during the period, the note said. Imports from South Korea and Taiwan rose 36.6 per cent and 92.6 per cent, respectively.
The increase came alongside a rise in the petroleum import bill to USD 136.65 billion. Dolat said India’s petroleum trade deficit widened to USD 86.81 billion from USD 73.15 billion a year earlier, even as petroleum exports increased.
Overall, merchandise imports reached USD 527.21 billion in April–October, while exports rose nearly 22 per cent to USD 309.06 billion. The goods trade deficit widened to USD 218.15 billion from USD 199.46 billion in the same period last year, according to the ministry.
“Export momentum has also become geographically broad-based,” Dolat said. Shipments grew in 43 of India’s top 50 export markets in October, when merchandise exports reached a record USD 49.47 billion. Over April–October, exports excluding petroleum and gems and jewellery rose 18.5 per cent to USD 240.73 billion, the note said.